Hi all,
I live in Rochester, New York and rehabbing homes with my wife. I own my primary residence free and clear worth around $130K and paid $55K cash for another home that we are currently rehabbing with an ARV of $105K.
In order to succeed in this business of rehabbing homes we recognize we have to be able to buy the next property at about the same time we put the current property on the market. This would enable us to close on about 4 of these a year. We have about $30 in the bank and 730 to 760 credit score, but will have a difficult time proving income because of the nature of this business. Is a line of equity on our primary residence possible or would I be able to get financing for another project home? Thank you for any help you can provide. Chris